JPY extending Friday’s bullish reversal – Scotiabank

FXStreetOct 15, 2025 12:46 PM

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The Japanese Yen (JPY) is up 0.3% against the US Dollar (USD) and a relative performer among the G10, extending Friday’s bullish outside reversal with an impressive recovery from its 8 month lows, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

JPY is supported by softer Fed outlook as BoJ outlook remains steady

"Yield spreads are narrowing and offering the JPY fundamental support, however this largely reflects a dovish repricing of the Fed as BoJ expectations remain soft in the aftermath of the recent LDP vote. Correlation studies highlight the dominance of sentiment at the moment, with notable strength in the JPY/risk reversal relationship and relative weakness in JPY/spread correlations."

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